Crypto Wallets: Some facts to keep your funds safe

economictimes.indiatimes.com:

actually store crypto? (It’s, true, they don’t) Investors should also take time to compare different types of crypto wallets available in the market. Crypto platforms like CoinSwitch allow users to store their funds within their app—a feature similar to an online crypto wallet. But what makes them different, and when should you use them?Fact Check: What is a crypto wallet?

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In ordinary life, most of us store our cash and cards in a wallet to keep them safe. Likewise, many crypto investors discover that in order to keep their assets safe, they need to store them in a safe place. But here is where the difference between our real and virtual lives comes into play: Technically, crypto wallets don’t store your crypto. Your holdings live on the blockchain and can only be accessed using a key. And that’s where they stay. Crypto wallets simply keep your keys safe and secure, so only you can access them in order to make a transaction. The keys are something like the PIN codes of your debit and credit cards; they prove the ownership of digital money and allow only confirmed users to make transactions. So essentially, a crypto wallet is a software program that allows users to interact with blockchains, enabling them to make purchases and sales. It also allows users to view their account information and monitor their portfolios.Features of a Crypto Wallet If knowing what wallets are used for hasn’t already convinced you to look for one, here are some features of a crypto wallet that might make you think again.